Cryptocurrency Daily General Discussion - November 29, 2017 |
- Daily General Discussion - November 29, 2017
- One LTC is now $100 USD!
- Meanwhile at Blockfolio...
- $REQ “Request Network is not an app but a financial platform on which many projects can be developed. It is a layer on top of Ethereum $ETH simplifying the development of many features in the crypto.... [click to EXPAND]
- XMR JUST HIT $200
- Litecoin surpasses Bitcoin Gold in total market cap to claim #5 ranking at $5.5 billion
- Anyone happy and upset at the same time with this growth?
- Blockfolio performance server status
- IOTA is on fire.
- Request /Kyber partnership, why is it so important?
- Fujitsu CEO Germany tweet :Great news and we are partnering here #Fujitsu #IOTA #Data #Marketplace !!!
- Comment on a video from 6 years ago of a dude saying he'd stick with bitcoin despite the collapse of Mt Gox happening
- How taxes work for Cryptocurrency in the US [2017 Tax Year]
- The feeling when bitcoin hit 10K. Everytime.
- IOTA Foundation Introduces IOTA Data Marketplace!
- The mentality most newcomers have when investing into XYZ coin
- I keep a safe, conservative and balanced portfolio.
- LoMoStar and CFun will hold an airdrop auction where you can get free CFun tokens inside of the LoMoStar app. Each retweet will increase the auction price by 1000 tokens!
- PSA: Don't get upset with people calling bitcoin/crypto a scam or a bubble or any other display of ignorance. Instead, take it as a healthy sign that we are still in the days of early adoption. Only worry when those same people start talking about investing.
- Modum price expectation post 30 Nov Announcement
- A Newbie Summary of QASH Without the Shilling
- BTC correction imminent in favor of alts?
- South Korea Outlines Proposed Legislation for Cryptocurrency Exchanges
- NAVcoin update from the marketing team
- OmiseGO (OMG) The Future of The Innovative Platform
- NEO Smart Economy: Qlink (Decentralized Wireless Telecom) Whitepaper (Shihuang Xie - Co-Founder of Alibaba an Advisor)
| Daily General Discussion - November 29, 2017 Posted: 28 Nov 2017 10:05 PM PST Welcome to the Daily General Discussion thread! Guidelines:
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Thank you in advance for your participation. Enjoy! [link] [comments]  | ||
| Posted: 28 Nov 2017 06:17 PM PST
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| Posted: 28 Nov 2017 08:07 PM PST
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| Posted: 29 Nov 2017 12:16 AM PST "Request is not an app but a financial platform on which many projects can be developed. It is a layer on top of Ethereum simplifying the development of many features in the crypto finance space. We want to structure cryptocurrency payments, finance and accounting areas. Our goal is to build a platform to operate payment requests applicable for every financial flow, and structure it by allowing external systems and software to plug into the platform through the use of our APIs. Thanks to a decentralized payment request, we can recreate all the platforms existing in the FIAT world and apply financial features in the crypto world such as invoicing, salaries, payments and many others." – Request Team [link] [comments]  | ||
| Posted: 28 Nov 2017 05:36 PM PST Holy smokes! I bought this at $40 in the summer and now it hits 200!!! What a great great day! 10k for bitcoin and 200 for Monero!!!!!! [link] [comments]  | ||
| Litecoin surpasses Bitcoin Gold in total market cap to claim #5 ranking at $5.5 billion Posted: 28 Nov 2017 06:38 PM PST
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| Anyone happy and upset at the same time with this growth? Posted: 28 Nov 2017 10:29 PM PST Maybe not upset but uneasy? I was thinking it would correct at 6k 8k and 10k. Never really did. Is it getting too big for its own good currently? anyone from back when it was 1k and dropped to ~100 (?) shed light if it is anything similar? [link] [comments]  | ||
| Blockfolio performance server status Posted: 29 Nov 2017 12:26 AM PST
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| Posted: 28 Nov 2017 04:29 PM PST | ||
| Request /Kyber partnership, why is it so important? Posted: 28 Nov 2017 11:57 PM PST For Source and more information: Speculative Rationality Required Reading: 24 Nov Update from Request Team The update was met largely with optimism as the Request team continues establishing a reputation for working quietly and over delivering. Highlights: 1.Tech Mind Map – "Each point in the mind map represents a project by itself."
The update to the Request Core is promising. We see the team ramping up community/developer engagement through the incentive program as we approach Colossus release. This post will focus on Request's partnership with Kyber and what it means to the Network as a whole. We will also look at how the partnership is the right step towards the realisation of the Technical Mind Map. What is the partnership with Kyber? and what does it mean for Request? The request team describes in their update that Kyber will help with "The cross currency automated settlement system". It is one of two solutions thus far that allows request to remain agnostic to the payment method elected by the user (0x Project being the other); it converts the cryptocurrency the payer wants to pay in into the cryptocurrency the requestor wants to receive in. It will also assist with the request "Fee System". The important question for investors is "How does this partnership benefit the Request Network?" and "What type of progression does it provide towards the realisation of the request team's stated aims?" The diagram below illustrates an example use of Kyber by a Gateway, remembering as per our FAQ below, that a gateway is the middleman API/GUI between a requestor and a payer, be it the Request app on your phone, or a payment API on e-commerce marketplace. The diagram above illustrates simply that the partnership with Kyber allows the Request Network to never require the Requestor or the Payer to hold any Request tokens or participate in manual cryptocurrency conversions, as this is all automated by the Request Contract. This is very important as Request's focus has always been to ensure that they are expanding on their ability to reach the widest possible userbase. Eliminating the requirement to ever hold Request tokens for both the Requestor and the Payer, the Request Network becomes more accessible. It is then surprising to us that some in the community raised concerns to us that the partnership made the Request token redundant. We will re-iterate that Request Tokens are always required to be burned, for each and every transaction ensuring that the transaction is recorded in an immutable ledger. In fact, there is an argument for gateways storing their own Request Tokens as a supply to be burned. Why? Because it will prove cheaper in the long run. If the Request Gateway does not store its own Request Tokens to burn it will always be required to buy Request Tokens at market value. As there is a decreasing supply of Request tokens as more transactions occur, a gateway will have a large incentive to lock up a large number of tokens that the Gateway can utilise. This will give them a competitive edge over other Gateways whom buy at market value, by lowering the fees charged to the requestor. Whilst this is beneficial to those who can afford it, the accessibility afforded to Gateways and customers by not having to hold tokens is what the Request team has aimed to achieve. This allows even a new start up, or a personalised e-commerce webpage or even a small company wanting to use Request Network for their accounting purposes to come on board. The Request Network has set itself up to maintain a healthy network and appreciation of value for its token, with lock up of tokens proving to be more economical and a forever decreasing supply for an increasing demand not limited by an inaccessible network. What is the Tech Mind Map? How is it related to the Kyber Partnership? The Tech Mind Map is a diagram describing everything that the Request Network wants to achieve. This Tech Mind Map is the first real view of the true potentials that the Request Team seeks to achieve. I will not go into detail here but will mention there have been questions in the community about Cashbacks, Escrows etc., all of which the Request Team intends to tackle as they go about creating the Financial Platform of the future. That is right, a Financial Platform. The comparisons to Paypal seem unjustified for the ambition of the project itself. "Request is not an app but a financial platform on which many projects can be developed. It is a layer on top of Ethereum simplifying the development of many features in the crypto finance space. We want to structure cryptocurrency payments, finance and accounting areas. Our goal is to build a platform to operate payment requests applicable for every financial flow, and structure it by allowing external systems and software to plug into the platform through the use of our APIs. Thanks to a decentralized payment request, we can recreate all the platforms existing in the FIAT world and apply financial features in the crypto world such as invoicing, salaries, payments and many others."– Request Team The partnership with Kyber is a great example of how the team intends to deliver all these ambitions. They emphasise that each outcome on the Tech Mind Map is a project in itself. With such a heavy task in front of them, their ability to be ready and willing to leverage technologies of other blockchains to achieve the best outcome possible is what differentiates them from most blockchain technologies out now. They focus their expertise on the Tech Mind Map and creating a financial platform whilst relying on experts in other fields to secure their network and continually update and improve on it. – Image Excerpt from Kyber AMA on Reddit In closing, the Kyber partnership is a critical step along the path to widest userbase. There is still so much more to do to achieve Request's ambitions, but their willingness to leverage other technologies to achieve their vision is reassuring. The potentials of how different blockchain technologies will come together to create a Financial Platform that can serve the world now and in the future, will be an interesting road to follow. Edit: typo fixed. [link] [comments]  | ||
| Posted: 28 Nov 2017 09:37 PM PST
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| Posted: 28 Nov 2017 05:37 PM PST
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| How taxes work for Cryptocurrency in the US [2017 Tax Year] Posted: 28 Nov 2017 11:25 AM PST I've seen a lot of misinformation on how Cryptos are taxed and I wanted to clear the air. I originally posted this for LTC, but thought everyone may benefit. There's a lot of day traders that do not know this and are in for a rude awakening. This is for Form 8949 in addition to Schedule D on the 1040.
Currently, the IRS treats cryptocurrencies as a property. This means they are subject to capital gains tax. Any time you make a trade, whether it be from crypto to crypto or crypto to FIAT, it is considered a taxable event. As u/_CrackBabyJesus_ pointed out, even using your crypto to purchase items counts as a taxable event as well.
If you held the crypto a year or less before selling, it is subject to short term capital gain taxes. Short Term capital gains are treated as ordinary income and thus are taxed at your tax bracket The gains can even push you into the next tax bracket if you were close.
For instance, say you held LTC for 9 months, sold it during a dip, and then bought back at a lower price. Not only is this considered a taxable event, you also lose the 9 months progress toward the long term capital gains status.
Long Term capital games are subject to different tax percentages. So if you had a stack sitting in cold storage for longer than a year and decided to sell them, you'd owe almost half as much in taxes.
So how does it work?. First, you need to determine your NET capital gains. Every exchange has a record of your transactions and some allow you to export it to .csv. They have all of your trading information, personal information used to get verified on the exchange, and the IP addresses you made the trades from. Some exchanges, such as Coinbase/Gdax, only report transactions over $20K to the IRS. That doesn't mean if you're making transactions for less, you're exempt from taxes, just means it's unlikely you'll get audited. It's much better to be proactive than get audited and take the Wesley Snipes route.
EXAMPLE: For simplicity, let's say you have all short-term capital gains. Start with your initial investment and then go to your first transaction. Let's say you invested $1,000 when LTC was $25 and you received 40 LTC.
Three months down the road, LTC increased to $50 and you decide you want to take some profits. You sell 10 LTC at $50 for $500 total and so the taxable amount is $50x10 - $25x10 = $250.
Three months later, LTC dips to $10 and you panic sell 10 of your coins. $10x10 - $25x10 = -$150. This is negative since you sold at a loss.
Finally, three months after that, LTC rises to $100 and you've had enough and sell the rest of your LTC. $100x20 - $25x20 = $1,500
To get your total short term capital gains taxable amount, you add up the results of all the transactions: $250 -$150+$1,500 = $1,600
Now multiply that times whichever tax bracket that puts you in to get how much taxes you owe. So if you make $50K/year, you are taxed at the regular tax bracket structure up til that point. The extra $1,600 would keep you in the 25% bracket and the full $1,600 would be taxed at 25%
Edit: Just wanted to clarify, I'm not a licensed Tax professional, but work in finance and have experience with capital gains. Another thing I want to bring up is the like-kind properties (Section 1031). This states if products are similar, you can trade them without it being considered a taxable event. The IRS has been silent whether or not Crypto to Crypto transactions should be considered taxable. BUT I believe it's better to ease on the side of caution, especially with how the US views crypto currently. There is a new tax bill going through Congress (also included in the Senate), that will limit Section 1031 to ONLY real estate: "SEC. 3303. LIKE-KIND EXCHANGES OF REAL PROPERTY. (a) In General.—Section 1031(a)(1) is amended by striking "property" each place it appears and inserting "real property"." This leads me to believe that Crypto to Crypto is considered a taxable event. And I believe it will be this way until the SEC deems Crypto as a currency [link] [comments]  | ||
| The feeling when bitcoin hit 10K. Everytime. Posted: 28 Nov 2017 11:27 PM PST
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| IOTA Foundation Introduces IOTA Data Marketplace! Posted: 28 Nov 2017 06:02 AM PST
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| The mentality most newcomers have when investing into XYZ coin Posted: 29 Nov 2017 01:09 AM PST
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| I keep a safe, conservative and balanced portfolio. Posted: 28 Nov 2017 11:28 PM PST | ||
| Posted: 29 Nov 2017 01:54 AM PST
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| Posted: 28 Nov 2017 11:45 AM PST | ||
| Modum price expectation post 30 Nov Announcement Posted: 29 Nov 2017 12:15 AM PST Mod is constantly brought up in this sub by shillers and fudders alike and the upcoming date should provide a lot of volatility for any traders (whether going long or short). 30 Nov will be the first of the CEOs monthly updates and the first official communication/update since the ICO. Almost certain no dividend info will be released, but it will be pivotal to see if the news validates the progress on an ambitious project or casts more uncertainty. I don't expect MOD to cross $3 before, not that much time left and every rise is quickly sold into. After the announcement it's anyone's guess depending on the news. If nothing big it will probably stay around $2.5 maybe climb to $3. While it won't be bad for immediate price it's not great for long term momentum as it might kill a lot of interest despite many hodlers and slow bleed til next year. If anything significant comes out, given the team has been shutting down any rumours and hype actively (see slack etc.) they've developed a lot more cred from the private investor (whale) chats as seen by those been lurking in them. I expect the market will respond very bullishly on any news they do share and could see a POWR run since everyone has been waiting for the MOD breakout run for a long time even those not currently invested. POWR hit ~ 300m on its run which is 7x from Mod's current mktcap (this would imply an ~$18 val). If it did reach there I'd expect a correction from those levels stabilising around 20-25% lower. When you throw around $ prices you can't really value the company, but when you start talking market cap you realise $300m is nothing compared to the other cryptos out there with higher vals IF (and I really stress IF) Mod can demonstrate they actually have substance. This news will be a big one because it's the first since the ICO, a bit of a make or break moment for MOD and I doubt the following updates will have significant market reactions. If they don't they will be punished accordingly. They obviously won't announce details on dividends (not sure why so many people can't grasp this) but if they do have partnerships or progress, 300m is just the beginning for the scale and real-use case for what they are doing. Good or bad I'm really excited for the news on the 30th because I know its going to be some of the best action we've seen in a long while! [link] [comments]  | ||
| A Newbie Summary of QASH Without the Shilling Posted: 29 Nov 2017 12:46 AM PST Just a heads up: You can buy QASH if you are a US Citizen but you cannot trade on the Japanese exchange QUOINE. Saving you a hell of a lot of time, at least until Bitfinex and Binance QASH are available. If you're a Chinese Citizen, you can't buy QASH at all. Saw a link that was shilling the hell out of QASH so I decided to spend around 20 minutes researching their stuff. Even Google had a bunch of writers paid to write a positive spin on QASH so I wanted an impartial analysis, though I would admit that I'm not very enough to do so. Still, I'm a programmer but that doesn't really matter, so here's what I can confirm (Note I'm NOT paid to do any of this): This quote by kits_ sums it up pretty well. These are his words, not mine:
QASH is a utility token for the LIQUID Platform, which is used on Japanese exchange QUIONE and functions in a way like BNB in Binance but unlike BNB, it has a much larger trade volume. This puts this coin at a market cap of around half a billion ($483 million USD) within a week. That's a rather large market cap for something that has come out within a week. You can decide what you think of it. QASH can currently be exchanged on 3 exchanges, however 2 of them are just under QUOINE so basically it's one All seem to be Japanese ones. QUOINE QRYPTOS QUOINEX I did some further research and it IS true that QUOINE the exchange, does meet Japanese regulation Japan FSA (License 0002). So for now it looks pretty safe to trade on QUOINE should you do so. QRYPTOS is the exchange that will have Altcoin/QASH trading pairs that are regulated by the Japanese Government (JFSA). QUOINEX: Alts/QASH not regulated by the JFSA. So apparently QASH will be listed on Bitfinex, Binance, and CEX.io on December 1st according to the help section for QASH. Currently, being on one Japanese-based Exchanges in what looks like the same company means that there's little interest internationally to get this coin. That will change when they appear on Bitfinex and Binance though. So a little bit on current prices:
QASH: 2017-mid 2018 will basically have it used as a utility token like BNB. However, instead of burning tokens like what Binance does with BNB, QUOINE will sell QASH for ETH or other cryptos in the market. Team looks like there is considerable blockchain experience. This is good for any development team. The Whitepaper is 73 pages long. My Personal Concerns, don't let it affect you buying though:
So basically it's a coin that allows accessibility to users to buy into whatever coin they want, in a way that is already regulatory friendly (via the JFSA) and can be used as a utility for running blockchain services in certain fields. I did notice they have quite a bit of partnerships, could list them all but they appear one at a time and can be found in their news. I did see Goldman Sachs, Wall Street Journal, as some of the ones but there are more. Okay, my 20 minutes is up. I think I covered the basics. Let me know what you think of it. [link] [comments]  | ||
| BTC correction imminent in favor of alts? Posted: 28 Nov 2017 10:50 PM PST The crypto markets have been booming lately and the fiat value of my altcoin portfolio has risen significantly. However, the value of my portfolio in BTC has been dropping. Which indicates that BTC is outperforming many alts. Whenever this happened before BTC would correct at some point in favor of alts. My theory on the matter is that a part of the 'new' money flowing into BTC would further expand into alts. Also, people that have dumped their alts in favor of BTC would buy back in. What are your thoughts on the matter? Do you think this cycle will repeat itself or is something else going on? Perhaps people are losing faith in alts? [link] [comments]  | ||
| South Korea Outlines Proposed Legislation for Cryptocurrency Exchanges Posted: 29 Nov 2017 12:45 AM PST
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| NAVcoin update from the marketing team Posted: 28 Nov 2017 07:21 PM PST
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| OmiseGO (OMG) The Future of The Innovative Platform Posted: 29 Nov 2017 01:27 AM PST
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| Posted: 28 Nov 2017 02:54 PM PST |
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